About Fresno County, CA

Foreclosures: Prime Borrowers Are The Latest Victims.

Prime Borrowers = people like you and me.

I have one client who, until recently had excellent credit, and lives in a 3000+ sq. ft. — 5 bd. / 3 ba– home, which will soon be the property of the bank. His retail business hasn’t just slowed, it’s fallen off the cliff. The retail mall he is in is becoming a ghost town. He has days when the cash register does not even ring.
He asked me to sell a small (around 800 sq. ft) 2 bedroom 1 bath rental that he owns free and clear and I was able to convince him to keep it.

He has taken my advice and is currently renovating the property and preparing to move into it. Its a HUGE step down for him but I told him that when he’s done he will have the envy of many-a-man in Fresno (including me); he will be living in a home he can call his own which places him among a small minority.

He isnt going to have those $3000.00 a month payments to make. HOW SWEET IS THAT!

Back in April I called:

FHA – THE NEW SUPRIME LENDER

Now I'm not alone.

Toll Brothers Inc. Chief Executive Officer Robert Toll said. “Yesterday’s subprime is today’s FHA,”

It's crazy!

It's OBSCENE!

A first time home buyer puts in an offer for quarter of a million dollar home, puts up $8750.00 and asks the seller (more often than not: A BANK) to pay the closing costs. Closes on the the home then gets a $8,000 tax credit.

Assuming you have the credit and income, buying a $250,000 home today is almost without risk and can be done almost entirely using OPM (other people's money)

BUYER HAS NO SKIN IN THE GAME ON A QUARTER OF MILLION DOLLAR HOME!!

THIS MAY BE GOOD NEWS FOR BUYERS, BUT IS IT REALLY GOOD FOR AMERICA???

What do you think?

Come view this beautiful 2288 sf Cambridge, 4 bedroom/3 bath home located in wonderful Northwest Fresno neighborhood on Tuesday, November 17 from 10-12 am.

This home has a wonderful, spacious kitchen with Stainless appliances, large breakfast bar, lots of counter space, huge pantry, dark wood cabinents, and eating area with bay windows. The formal dining room is great for the holidays and those large gatherings. You will be pleased with all chair railing,the updated light fixtures and ceiling fans, as well as all the brushed nickel door knobs throughout. This home features one large bedroom and bathroom downstairs, which has door out to the gorgeous pebble tec pool and built in spa. Upstairs features a Jack and Jill bedroom set-up, another large room which is currently being used as a 5th bedroom, the Master Suite, and laudry room. The backyard is wonderful with the extra large covered patio, lots of cement work, fenced pool and spa, grassy area, possible RV or boat storage, shed, and great landscaping. This is NOT a short sale or REO. See Today!!!

Offering Price $275,000.

From Figarden loop go West on Bullard, South on Dante, East on Browning to Cleo.

Here are some interesting observations regarding the Real Estate Market here in Fresno County. I currently have a client who is trying to buy a home priced around 125K. They are paying cash, but have been outbid on 5-6 properties in the past 3 weeks and all had multiple offers. Investors seem to have returned to Fresno County looking to buy REO properties that have been priced well. There was an article in the Fresno Bee yesterday which told the story of how local cities have federal money to buy these REO's, but they are losing the homes to these Investors in biding wars. I think it is great that we have multiple offers on these properties, but frustrating for the 1st time home buyer such as my client I mentioned above. The increased interest and activity in the market is great.... now we just need to fix the financial side of the market and make it a little easier for buyers to get a good loan that they can afford...................